Prologis Down In Pre-market On Reduced Outlook

(RTTNews) - Shares of Prologis, Inc. (PLD) were down more than 3 percent in pre-market on Wednesday to $110.63, after the real estate investment trust cut its full-year earnings outlook.

For fiscal 2024, the company now expects net earnings per share in a range of $3.15 - $3.35, down from the previous outlook of $3.20 - $3.45

Prologis now sees Core funds from operation or core FFO for the year in a range of $5.37 to $5.47 per share and core FFO, excluding net promote income, in a range of $5.45 to $5.55 per share. Previously, the company was expecting core FFO in the range of $5.42 to $5.56 per share and core FFO, excluding net promote income, in the range of $5.50 to $5.64 per share.

On average, five analysts polled by Thomson Reuters expect the company to report earnings of $2.49 per share for the year.

Prologis shares had closed at $114.74, down 0.91 percent on Tuesday. The stock has traded in the range of $96.64 - $137.52 in the last 1 year.